Shared-ownership agreement

Written by jennifer vanbaren
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Shared-ownership agreement
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A shared-ownership agreement is used for people purchasing real estate jointly. It outlines details of the co-ownership including each owner's responsibilities for the property and each owner's rights.

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Description

A shared-ownership agreement is used when two or more people purchase a piece of property together. This agreement protects each owner in the purchase venture by detailing responsibilities of owners. People choose to co-own property because it saves them money. When two people or more pool their resources for a purchase, they each have only partial responsibilities for the property.

Purpose

This written agreement is designed for the protection of rights of co-owners as well as a place where all expectations of the co-ownership are recorded. It eliminates potential misunderstandings that arise from partnerships.

Issues

Shared-ownership agreements contain all the details of the purchase agreement. It details what percentage ownership each person has in the property. It states the procedures handled if the property sells, one owner dies or one owner becomes bankrupt. It also lists the obligations of each owner and the consequences for default of obligations.

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